Adani Green Energy will acquire a 40 MW solar project in Odisha
Adani Renewable Energy (MH) Limited (AREMHL), a wholly owned subsidiary of Adani Green Energy Limited (AGEL), will acquire a 40 MW operational solar project in Odisha.
AREMHL has signed a definite agreement with Essel Green Energy Pvt Ltd, which owns a solar project in Odisha, to achieve 100 per cent economic value in a special purpose vehicle (SPV), the company said in a statement on Thursday.
The company said the project has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for Rs 4,235 per unit, with a remaining PPA life of about 22 years.
Closing of the transaction is subject to customary conditions. The acquisition of the project is on an enterprise valuation of Rs. 219 crore.
With the acquisition of the project in Odisha, AGEL will now expand its presence in 12 states of India, said Vineet Jain, Managing Director and CEO, Adani Green Energy Limited. We are on an expansion path that will make us the world’s largest renewable producer by 2030.
With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW (GW). The total portfolio includes 5.4 GW operating assets, 5.7 GW under construction assets and 8.7 GW near construction assets.
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